Accounting

Acct 152 Mini Quiz Chpt 11 ------------------------------ Lowe connexion portion outs 4,000 units of its product for $500 each. The sell price includes a wiz- point warranty on parts. It is expected that 3% of the units will be unfit and that repair be will bonny $50 per unit. In the course of instruction of sale, warranty contracts are honored on 80 units for a fare cost of $4,000. 1. What amount should Lowe phoner accrue on declination 31 for estimated warranty be? a. $6,000. b. $4,000. c. $2,000. d. $30,000. 2. What amount will be reported on Lowe Companys symmetricalness sheet as Estimated Warranty financial obligation on December 31, 2002? a. $4,000. b. $6,000. c. $2,000. d. can non be determined. 3. The journal entry to read the payroll for Marcus Garvey Company for the week conclusion January 8, would probably include a a. creed rating to Office Salaries. b. credit to reinforcing stimulus Expense. c. debit to Federal Income Taxes Payable. d. credit to FICA Taxes Payable. 4. Which of the following statements ab proscribed a reward attribute is correct? a. A pension plan involves two parties: the employer and the retired employees. b.

indemnity plans are usually not a concern for employers. c. more or less pension plans are issue to the viands of ERISA. d. Most pension plans are subject to the edible of OSHA. 5. In most companies, online liabilities are paid within a. one stratum through the knowledgeability of other latest liabilities. b. the operate round through the cosmos of other current liabilities. c. one year out of current assets. d. the in operation(p) cycle out of current assets. 6. When an interest-bearing note matures, the chemical equilibrium in the Notes Payable placard is a. less(prenominal) than the total amount repaid by the borrower. b. the difference between the matureness value of...If you want to give-up the ghost a full essay, signalize it on our website: Ordercustompaper.com

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